Palm Re Ltd is a Bermuda exempted company limited by shares registered as a special purpose insurer under the
Insurance Act of 1978 of Bermuda and related rules and regulations, each as amended (the “Insurance Act”). The
Issuer is not, and does not intend to become, a licensed insurance or reinsurance company in any State of the United
States or in any jurisdiction other than Bermuda. The Issuer was incorporated under the laws of Bermuda on February
9, 2024 with registration number 202403243.

Palm Re Ltd Series US$150,000,000 - 2024-1 Class A Principal At-Risk Variable Rate Notes due June 7, 2027